Commodities rose Tuesday for a second day, led by copper and silver, on speculation that demand for raw materials may be strong enough to resume the longest rally in more than 50 years.
Copper climbed 12 percent in London, the most ever; silver had its biggest gain in a week; and gold rose for the first session in five. Crude oil rose 2.6 percent to $71.76 a barrel, partly on forecasts for Atlantic hurricanes this year. Commodities posted their biggest declines in 25 years last week as some investors bet prices were exaggerated.
“We are seeing very good economic conditions around the world. The supply side is still struggling to keep up,” said Charles Goodyear, chief executive of mining giant BHP Billiton.
The Reuters/Jefferies CRB Futures Price Index of 19 commodities, including base and precious metals, rose 8.1, or 2.4 percent, to 352.31, its best gain since Oct. 25.
